The Dubai government has announced the launch of the "Retire in Dubai" program that will offer resident expatriates and foreigners aged 55 and above to apply for a retirement visa in its bid to turn the emirate into a retirement destination.
In detail; the announcement that went viral on Wednesday under the order of Dubai Ruler Sheikh Mohammed bin Rashid al-Maktoum.
The scheme, that will be the first of its kind in the region, will firstly start from Dubai's Department of Tourism and Commerce Marketing (Dubai Tourism) in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai).
According to details made available, eligible applicants will also be provided a retirement visa; and renewable every five years as well. The retiree can choose between one of three financial requirements for eligibility: earning a monthly income of AED20,000 (approx. USD5,500); having savings of AED1 million (approx. USD275,000); or owning a property in Dubai worth AED2 million (approx.USD550,000).
In the initial phase, the retirement scheme will also focus on UAE residents working in Dubai who have reached retirement age.